FAQs
Why would I need a Precious Metal IRA?
Precious metals have always been regarded as a reliable protection against inflation or any potential financial turmoil. Precious Metals IRAs give you the chance to acquire gold, silver, platinum, or palladium and account them into your retirement savings. One of the main advantages of a Precious Metals IRAs is tax benefits, as the investor can either save taxes now (Traditional IRA) or in the future (Roth IRA).
Who is eligible for a Precious Metals IRA?
You qualify for a Precious Metals IRA if you are under age 70 ½ and have earned income.
Which Precious Metals are eligible for IRA?
Solely precious metals which meet the established minimum fineness level are qualified to be included in the IRA Account. The minimum fineness for each precious metal is:
- Gold - .995
- Silver - .999
- Platinum - .9995
- Palladium - .9995
Only Gold American Eagles, which are made from 91.67% pure gold, are an exception from this rule, being approved to be included in IRA Accounts. Any bullion items with purity less than the specified minimum are not eligible to be included in a Precious Metals IRA – e.g. Gold Krugerrands, Pre-1933 Gold Coins or 90% US Silver Coins. Here you can find detailed lists of Eligible precious metals items.
Is there a minimum amount of a precious metal IRA purchase?
Bullion Exchanges doesn’t have a specific minimum purchase amount for IRA bullion. However, we do have amount limits based on the payment type that you want to use. Please consult our Terms & Conditions. Also, contact your selected IRA custodian for more details about any minimum amounts regarding purchases within your IRA account.
Can I contribute already owned bullion into a Precious Metals IRA?
No. All contributions into an IRA Account must be made in cash or through transfers, rollovers or new purchases of IRA-Eligible precious metals.
Am I limited to only precious metals investments in a Precious Metals IRA?
Absolutely not. Your Precious Metals IRA is a Self-Directed IRA Account which allows you to invest in stocks, mutual funds and other investment types. Check this page for more info.
I already have an IRA Account. Can I transfer it to a Self-Directed Precious Metals IRA? How long may it take?
Yes. All IRAs are eligible for direct rollover, but only your IRA custodian can assist you in setting up this transfer. Contact your custodian and arrange the rollover or transfer of your current IRA Account into a Self-Directed Precious Metals IRA. The transfer time varies for each custodian, but it usually takes up to 1-2 business days to open your account and up to a few weeks to fund it.
Can I have more than one IRA Account?
Yes, you are allowed to have more than one IRA Account, but your total yearly contribution shall remain at the same maximum limit as established by IRS. Here you can find more details about IRA contribution and tax deduction limits.
Are there any fees collected by IRA custodians and storage facilities?
Yes. These fees vary based on your account size and the precious metals which shall be held in your depository. Here you can find more about fee types. However, please contact your selected IRA custodian, and IRA Approved depository for detailed information about their fee structure.
Will I receive my physical precious metals from my IRA Account?
No. According to IRS’ regulation regarding Self-Directed Precious Metals IRAs, dealers are obliged to ship the bullion products to an IRA Approved Depository, that will hold the metals until you can liquidate the position. Consult this page for more details.
How and when my metals reach the IRA-Approved depository?
Right after the precious metals trade has been approved and executed, we’ll send your shipment to the selected IRA-Approved facility. Based on its location, it may take a few days to a few weeks for your precious metals to arrive at the depository.
Is there any insurance that my metals are actually at the depository?
Bullion Exchanges insures each shipped bullion mailing against any damages or losses. Both IDS and SWP-Cayman Islands provide full bookkeeping and reporting services which certify that your metals have been accounted, are safe and fully insured. Also, all precious metals are fully segregated from other clients’ bullion at no additional fee.
Aren’t Precious Metals IRAs the same as an ETF like GLD?
No. Self-Directed Precious Metals IRA are backed by real precious metals, which can be later withdrawn as physical bullion distribution. ETFs are backed by a pool of precious metals holdings and positions, and taking delivery of metals on these paper metal products it’s difficult or impossible. ETFs are usually preferred by investors who need to make quick moves on the market. Precious Metals are purchased by those who want to hold them. Bullion Exchanges doesn’t make investment advice, so please contact your custodian for more details on distinct types of retirement investments.
Do you charge any fees, commissions or shipping costs as the dealer for IRA purchases?
No. Since your IRA contribution means basically selling the actual precious metals to the custodian, Bullion Exchanges doesn’t apply any commissions, shipping fees or surcharges. Also, your package will be insured and tracked at no additional cost, so you’ll be able to check it on its way to the depository
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